These banks will either keep the loan on their books or sell it off to another company, who in turn may service the loan. You likely won’t know what bank owns/services it until after it funds. But this can happen with retail banks as well since there’s a good chance your loan ser...
if you made the mistake of applying for financing at too many places and your credit score has taken a hit, you wll probably need to wait out the 12 months. Now in 2024, the credit bureaus are no longer removing inquiries based on a letter from you. They want to hear from the credit...
Now I am trying to pay extra toward the principal so I can finally pay this loan off once and for all, and they simply do not acknowledge electronic transfers from my bank. They are actively preventing me from paying off my loan (just trying to collect more interest). Report Farzad...
suspend, or deny it. However, mortgage lenders only have so many underwriters available, and surely the number of loans in the pipeline will exceed the number of staff. As such, much of the time might be waiting in the queue until a pair of eyeballs actually look over your loan. ...
This is literally what our state has come to. We are now going to offer tax breaks for many of the perpetrators of the subprime lending enterprise. Instead of ransacking these places and putting head honchos on perp walks, we are now going to give them money ...
Great post, and very good points on the rental home. I’ve always hated debt. I hated it when I took out a car loan – had planned to pay it off quickly but then my husband lost his job in the great recession. I had to take out student loans to finish up my MBA after my husb...
The interest rate is pathetically low, tax deductible, will likely end up below the inflation rate over the life of the loan, and it gives me some measure of inflation protection with a small short position against the dollar. So I’ve been at both extremes – pay it off fast, and neve...
Q1 of 2009 NODs is an ominous sign. You also need to remember that forAlt-A and Option ARMsthe average balance is much larger than a subprime loan. Meaning, for each default banks are going to take more of a loss. Pl...
We are operating in a completely different environment today. The FED & governments now are hugely preemptive, and I don’t see this changing anytime soon. Jay Jan 21, 2022 at 9:14 am Edit: “I see no reason why loan forbearance programs et al will not become all ...